Replication files for: Bank Expansion and Moneylender Interest Rates: RDD Evidence from India
By: Lissette Briones, Victoria Chiseliov, Evgeny Gushchin, Kannan Narayanaswamy
Manuscript id: 244661046

****** Data Availability and Provenance ******
59_round (in Data/59_round folder):
Input Files:
Visit 1 & 2 Combined_Block 3_Household characteristics
Visit 1 & 2 Combined_Block 4_demographic and other particulars of household members.dta input file used to produce b4_wavei.dta
Visit 1 & 2 Combined_Block 5_land owned by the household as on the date of survey and related transactions.dta input file used to produce b5_wavei.dta
Visit 1 & 2 Combined_Block 7_livestock and poultry owned by the household  on the date of survey and related transactions.dta input file used to produce b7_wavei
Visit 1 & 2 Combined_Block 8_agricultural machinery and implement owned by the household as on the date of survey.dta input file used to produce b8_wavei
Visit 1 & 2 Combined_Block 9_non-farm business equipment owned by the household as on date of survey and related transactions.dta input file used to produce b9_wavei
Visit 1 & 2 Combined_Block 10_transport  equipment owned by  the  household as on the date of  survey and  related transactions .dta input file used to produce b10_wavei
Visit 1 & 2 Combined_Block 11_durable assets owned by the household as on the date of survey and related transactions.dta input file used to produce b11_wavei
Visit 1 & 2 Combined_Block 13_financial assets other than shares & debentures owned by the household.dta input file used to produce b13_wavei
Visit 1 & 2 Combined_Block 17pt1_specified items on which household incurred expenditure.dta input file used to produce b17_wavei
Visit1_Block15pt2.dta input file used to produce AllIndiaI

Output files: 
b4_wavei.dta Demographic data 
b5_wavei.dta Land ownership 
b7_wavei.dta Livestock and poultry 
b8_wavei.dta Agricultural machinery 
b9_wavei.dta Non-farm business equipment
b10_wavei.dta Transport equipment
b11_wavei.dta Durable assets
b13_wavei.dta Other financial assets
b17_wavei.dta Capital expenditure

70_round  (in Data/70_round folder):
Input Files:
Visit 1_Block 3_Household Characteristics.dta
Visit 1_Block 5pt1_Details of land owned by the household as on 30.06.dta input file for b5_waveii_1.dta
Visit 1_Block 5pt2_Details of land owned by the household as on 30.06.dta input file for b5_waveii_2.dta
Visit 1_Block 6_Buildings and other constructions owned by the household as on 30.06.dta input file for b6_waveii.dta
Visit 1_Block 7_Livestock and poultry owned by the household on 30.06.dta input file for b7_waveii.dta
Visit 1_Block 8_Transport equipment owned by the household on 30.06.dta input file for b8_waveii.dta
Visit 1_Block 9_Agricultural machinery and implements owned by the household on 30.06.dta input file for b9_waveii.dta
Visit 1_Block 10_Non-farm business equipment owned by the household as on 30.06.dta input file for b10_waveii.dta
Visit 1_Block 11_ Shares and debentures owned by the household in co-operative  societies & companies as on 30.06.dta  input file for b11_waveii.dta
Visit 1_Block 12_Financial assets other than shares and debentures owned by the household as on 30.06.dta input file for b12_waveii.dta
Visit 1_Block 13_Amount receivable by the household against different heads as on 30.06.dta input file for b13_waveii.dta
Visit 1_Block 16_Value (`) of transactions by the household on specified items _capital expenditure.dta input file for b16_waveii.dta
Visit1_Block 14 input file for AllIndiaII


Output files:
b3_waveii.dta Social characteristics 
b4_waveii.dta Demographic characteristics
b5_waveii_1.dta Urban Land ownership
b5_waveii_2.dta Rural Land ownership
b6_waveii.dta Buildings and construction
b7_waveii.dta Livestock and poultry
b8_waveii.dta Transport equipment
b9_waveii.dta Agricultural machinery
b10_waveii.dta Non-farm business equipment
b11_waveii.dta Shares and debentures
b12_waveii.dta Other financial assets
b13_waveii.dta Amounts receivable
b16_waveii.dta Capital expenditure
HH_2013_bank_loans.dta Data on households borrowing from banks
HH_2013_loans.dta Data on households borrowing any loans
HH_2013_ML_loans_only.dta Data on households borrowing from moneylenders only
HH_2013_ML_loans.dta Data on households borrowing from moneylenders

77_round  (in Data/70_round folder):
Input Files:
Visit1 Level - 14 (Block 12) - particulars of cash loans payable.dta  input file used to produce AllIndiaIII.dta

MOF_Data: 
Data/MOF_Data/RBI_2005_Q1:
Input files:
2005 Q1 VBA Compiled.xlsx - RBI 2005 Reporting Offices

Output files:
2005_Q1.dta
2005_Q1.xlsx
MOF_Census_2005_Q1.dta used for merging with NSS mapping files 

Census 2001:
Input files:
PC01_A01.xls Census 2001 District–Level Population Dataset
Underbanked Districts.xlsx RBI underbanked list

Output files:
Census_2001.xlsx  Census 2001 cleaned .xlsx file
Census_2001.dta Census 2001 cleaned .dta file 
Census_UB.dta Census 2001 with RBI treatment status

Data:
Input Files:
CPI_index.dta contains the Consumer Price Indices used to inflation-index loan amounts
NSS_59_District_Codes.dta is the NSS 59 District Codes
NSS_70_District_Codes.dta is the NSS 70 District Codes
NSS_77_District_Codes.dta is the NSS 77 District Codes
MOF_prep_other_researchers.dta - contains data produced as output in and is used to produce Table C1: Kim Fe Cramer, Bank presence and health, Review of Finance, Volume 29, Issue 5, September 2025, Pages 1497–1535, https://doi.org/10.1093/rof/rfaf032 

Output Files:
Mapping files:
* MOF_Census_NSS_59.dta is constructed by merging Census 2001 data, treatment status of districts and RBI reporting offices (population–bank ratios) with NSS 59 district codes
* MOF_Census_NSS_70.dta is constructed by merging Census 2001 data, treatment status of districts and RBI reporting offices (population–bank ratios) with NSS 70 district codes
* MOF_Census_NSS_77.dta is constructed by merging Census 2001 data, treatment status of districts and RBI reporting offices (population–bank ratios) with NSS 77 district codes
Files for main analysis:
* AllIndiaI.dta is produced by merging 59_round/Visit1_Block15pt2.dta with MOF_Census_NSS_59.dta (AIDIS I, 2003, 59th round)
* AllIndiaII.dta is produced by merging 70_round/Visit1_Block14.dta with MOF_Census_NSS_70.dta (AIDIS II, 2013, 70th round)
* AllIndiaIII.dta is produced by merging 77_round/Visit1 Level-14 (Block 12) - particulars of cash loans payable by the household to institutional and non-institutional agencies as on the date of survey and transactions of loans.dta with MOF_Census_NSS_77.dta (AIDIS III, 2019, 77th round)
Files for exploring mechanisms
* AllIndiaII_with_wealth.dta is produced by merging AllIndiaII.dta with HH_wealth.dta (constructed using AIDIS 2013)
* district_loans.dta contains the number of loans at the district level constructed using AIDIS 2013 (70th round)

Data/Shapefiles folder: 
These files are created by pulling the the shapefiles from https://github.com/datameet/maps/tree/master/Districts/Census_2001. They do not have to be downloaded. Running the master file pulls these files automatically.

Input files:
2001_Dist.dbf
2001_Dist.shp
2001_Dist.shx

Output files - for creating Figure 1:
india_coords.dta
india_districts.dta
india_final.dta

****** Computational Requirements ******
The code was last run in Stata 16 on a Windows laptop with an Intel Core i5-1035G1 processor, running a 64-bit version of Windows, with 8 GB of RAM.

On this laptop it takes about 07 mins hours to run all the code. 
Required packages: rdrobust, winsor, winsor2, spmap, shp2dta 
Mac and Linux users might need to write file paths with back slashes(\), as needed.

****** Description of programs/code ******
1. 00_Master Do-file.do serves to set up directories and runs all do files below.
The choice of output is controlled by setting local input_files, local NSS_waves, local tables
and local figures  to 0 or 1.

2. Census Data (in Data/MOF_Data/Census 2001 folder):
Census_2001.do Processes 2001 Census data. It is called by 00_Master Do-file.do and does not need to be run on its own.
treatment.do is used to process the RBI’s list of underbanked districts. It is called by 00_Master Do-file.do and does not need to be run on its own.

3. RBI 2005:
2005 Q1 Compilation.do is used to process RBI 2005 Q1 data, It is called by 00_Master Do-file.do and does not need to be run on its own.

4. Creating Mapping files between Census and with NSS 59; 70 and 77 rounds (Do files folder):
NSS_59_Merging.do is used for mapping census and RBI treatment status with NSS 59 data. It is called by 00_Master Do-file.do and does not need to be run on its own.
NSS_70_Merging.do is used for mapping census and RBI treatment status with NSS 70 data. It is called by 00_Master Do-file.do and does not need to be run on its own.
NSS_77_Merging.do  is used for mapping census and RBI treatment status with NSS 70 data. It is called by 00_Master Do-file.do and does not need to be run on its own.

5. Figures and Tables
All Figures.do is used to produce all figures. It is called by 00_Master Do-file.do and does not need to be run on its own.
All Tables.do is used to produce all tables. It is called by 00_Master Do-file.do and does not need to be run on its own.

****** Instructions ******
1. Open 00_Master Do-file.do
2.  Replace the project directory on rows 17 & 18
3. Run: 00_Master Do-file.do
4. The choice of output is controlled by setting local input_files, local NSS_waves, local tables
and local figures  to 0 or 1.
5. All figures and tables will be saved in the Output folder within the Data directory of the replication package.

****** Output ******
Tables:  (Data/output/tables folder)
table_01_summary_stats.tex Table 1 Loan characteristics by lender type: AIDIS 2003 vs. 2013
table_02_smooth_hh.tex produces section A of Table 2 Pre-treatment smoothness of household & loan characteristics (table_02_pre_smooth.tex)
table_02_smoothness_credit.tex produces section B of Table 2 Table 2: Pre-treatment smoothness of household & loan characteristics (table_02_pre_smooth.tex)
table_03_mainresults.tex Table 3: The effects of bank expansion on moneylender interest rates
table_04_channel_wealth.tex Table 4: Effects on household asset holdings and capital expenditure of borrowers
table_05_channel_loan_amount.tex Table 5: Effects on loan sizes by source
table_06_channel_loan_takeup.tex Table 6: Effects on probability of credit take-up
table_07_mainresult_with_controls.tex Table 7: Decomposing the Branch Authorisation Policy's  effect on moneylender interest rates
table_C1_supply_norrb_2002_2019.tex Table C1 (Appendix C) Branch Authorisation Policy first stage: commercial bank branch growth (data from Cramer, 2025)
table_C2_smooth_wave2.tex Table C2: Post-treatment demographics by borrower group (Appendix C) 
table_C3_mainresult_robustness_cutoffs.tex Table C3: Robustness: Placebo cutoffs (Appendix C)
table_C4_robustness_polynomials.tex Table C4: Robustness: Polynomials and state FE (Appendix C)
table_C5_robustness_bandwidth.tex Table C5: Robustness: Bandwidth (Appendix C)
table_C6_short_long_term_2003_table.tex Table C6: Effects on Loan Maturity by Credit Source (AIDIS 2003)  (Appendix C)
table_C7_short_long_term_2013_table.tex Table C7: Effects on Loan Maturity by Credit Source (AIDIS 2013) (Appendix C)

Figures: (Data/output/figures folder)
heatmap_underbanked.eps  Figure 1: India’s underbanked and banked districts
histogram.eps Figure 2: Distribution of districts around the cutoff
irate_wavei.eps Figure 3 (a): Interest rate wave I (2003)
irate_waveii.eps Figure 3 (b): Interest rate wave II (2013)
fuzziness.eps Figure 4: Running variable and treatment status
main_result_2003.eps Figure 5 (a) Interest rate by moneylenders (logs)
smoothness_amountborrowed1.eps Figure 5 (b):  Loan amount from all sources (logs)
smoothness_numberofloans1.eps Figure 5 (c): Number of outstanding loans
smoothness_bankloan1.eps Figure 5 (d): Prob. of taking a bank loan
main_result.eps Figure 6: After-policy change in informal interest rates
rd_results_wealth_quartiles.eps Figure 7 (a): Heterogeneity by wealth quartile: moneylender interest rates
rd_results_wealth_quartiles_bl_prob.eps Figure 7 (b): Heterogeneity by wealth quartile: household bank borrowing indicator
rd_results_loan_amount.eps Figure 7 (c): Heterogeneity by loan size quartile: moneylender interest rates
rd_results_loan_amount_bl_prob.eps Figure 7 (d): Heterogeneity by loan size quartile: probability loan is from a bank
rd_results_by_type.eps Figure 7 (e) Heterogeneity by collateral status: moneylender interest rates
rd_results_by_type_bl_prob.eps Figure 7 (f): Heterogeneity by loan size quartile: probability loan is from a bank
rd_results_by_purpose.eps Figure 7 (g): Heterogeneity by loan purpose: moneylender interest rates
rd_results_by_purpose_bl_prob.eps Figure 7 (h): Heterogeneity by loan purpose: probability loan is from a bank

Access to data is subject to the standard terms of use imposed by the data providers, including proper citation and non-commercial use. In some cases, access to specific files, particularly from Indian government sources—may require geographic presence in India or the use of a virtual private network (VPN) to connect from an Indian IP address. All data publicly available at:
1. Master Office File from the Bank Branch Statistics published by the Reserve Bank of India (RBI, 2005), retrieved from https://www.rbi.org.in/Scripts/DBOIntro.aspx
2. District-level population data from the 2001 Census of India, accessed via the International Household Survey Network (IHSN, 2001) at https://catalog.ihsn. org/index.php/catalog/4164;
3. The 59th (2003), 70th (2013), and 77th (2019) rounds of the All India Debt and Investment Survey conducted by the Ministry of Statistics and Programme Implementation (MOSPI), available at http://microdata.gov.in/NADA/index.php/catalog/103; http://microdata.gov.in/NADA/index.php/catalog/132, and https://microdata.gov.in/NADA/index.php/catalog/156, respectively.
 
This statement confirms that the authors had legitimate access to all data used in the manuscript.